Flock blog
Reading regulatory filings, sourced and dated.
Plain-English guides to the public filings Flock tracks: 13F reports, NSE and BSE shareholding patterns, bulk and block deals, and FII/DII flows. Every claim links to its source. Research, not advice.
ESG municipal debt securities: SEBI's 2026 route
SEBI opened an ESG label route for municipal bonds in July 2026 through Regulation 4F. Which rulebook the conditions come from and what a labelled issue owes.
Municipal bond investor incentive: SEBI Reg 22B
SEBI bans incentives for applying to a municipal bond issue, then carved out six investor categories in July 2026. Who qualifies and why it dies on transfer.
Pooled finance municipal offer document: Schedule IB
SEBI's Schedule IB sets what a pooled finance municipal offer document must disclose. The 13 heads, the constituent municipality tables and the QR code rule.
Schedule I vs Schedule IB: municipal bond disclosure
Schedule I vs Schedule IB under SEBI's municipal rules: a municipality disclosing its own accounts, or an SPV disclosing every constituent municipality too.
Municipal bond issue advertisement: SEBI Reg 9 rules
SEBI's Regulation 9 sets what a municipal bond issue advertisement may say and where it runs. The Schedule IV format and the 2026 electronic mode option.
SEBI municipal bond rules 2026: what changed
SEBI amended India's municipal bond rulebook in July 2026 and specified face value and escrow rules in August. Every change, with its date and source.
What is a Recovery Expense Fund? SEBI REF rules
A Recovery Expense Fund is 0.01% of issue size capped at Rs 25 lakh per issuer, held by a stock exchange. How SEBI's REF rules work and when it pays out.
What is a security cover certificate? SEBI rules
A security cover certificate evidences the assets backing listed debt. Who certifies book value versus market value, the quarterly cadence, and the UDIN rule.
How to read a security cover certificate
A column by column walkthrough of SEBI's Annex VA security cover format: what each of the fifteen columns holds, the elimination trap, and the two cover ratios.
What is the Security and Covenant Monitoring System?
SEBI's Security and Covenant Monitoring System is a depository hosted platform using distributed ledger technology. What it records and who validates what.
How does a debenture trustee do due diligence?
SEBI's due diligence rules for debenture trustees: documents an issuer must hand over, registry checks, guarantor freshness limits, and who pays professionals.
Due diligence certificate: Annex IIA vs IIB
SEBI requires two due diligence certificates from a debenture trustee. Annex IIA covers disclosure, Annex IIB gates listing. How each differs and when.
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